GE Money Reaches Agreement with UniCredit on Acquisition of New BPH

GE Money, the global consumer lending unit of General Electric
(NYSE: GE) announces that it has today signed an agreement with
UniCredit regarding the acquisition, by GE Money, of Bank BPH, which
will be completed following the completion of the spin-off of a
portion of Bank BPH's business to Bank Pekao (referred to hereafter as
"New BPH").

The spin-off of a portion of the business of Bank BPH into Bank
Pekao has already been approved by the shareholders' meetings of both
banks and is subject to the consent of the Polish Banking Supervision
Commission.

Under the terms of the agreement, GE Money will acquire close to
66% of the shares of New BPH from UniCredit. The transaction envisages
also the future acquisition by GE Money of 49.9% of BPH TFI (BPH's
asset management unit) that Bank BPH does not already own from CABET
Holding, a wholly owned subsidiary of Bank Austria Creditanstalt (part
of the UniCredit Group).

The total consideration for these transactions is $854.9 million
(EUR 625.5 million). As of 31 December 2006, New BPH had pro forma
total assets of $2.9 billion (EUR 2.2 billion), net loans of $1.8
billion (EUR 1.4 billion), deposits of $1.6 billion (EUR 1.2 billion)
and shareholders equity of $0.5 billion (EUR 0.4 billion). BPH TFI had
assets under management of $2.4 billion (EUR 1.8 billion) for the same
period.

The transaction is subject to a number of conditions precedent,
including regulatory and competition approvals, and is expected to
close by the end of 2007.

As a result of this transaction, GE Money will have access to New
BPH's universal banking infrastructure and network of around 200
branches. New BPH and GE Money's existing business in Poland will have
a complementary and well-diversified network (together, around 330
outlets by the end of 2007), positioning GE Money as a top five bank
in the market by assets. Jointly, the businesses will have staff of
approximately 6,900 offering a broad range of products. Total assets
will be approximately $7.3 billion (EUR 5.5 billion). New BPH will
continue to be led by Joseph Wancer, its Chairman and CEO.

The transaction executes GE Money's core strategy in Central &
Eastern Europe of investing and building scale in key strategic,
developing and high growth markets such as Poland. It will accelerate
the transformation of GE Money into a universal bank in this market.
GE Money already operates universal banks in the EMEA region in the
Czech Republic and Hungary and with its partner the Dogus Group in
Turkey has a majority shareholding in Garanti Bank, Turkey's third
largest private bank.

Commenting William H. Cary, President and CEO of GE Money EMEA
said; "We are delighted that we have successfully reached an agreement
on the acquisition of New BPH.

This investment presents an excellent opportunity for us to expand
our presence in the Polish market, gain significant scale and
accelerate our transformation into a universal bank. GE Money Bank has
a great track record of growth in Poland.

This investment is an indication of our long-term commitment to
the market and a vote of confidence in the future prospects for the
Polish economy. New BPH is a great business with a great team of
people; together we look forward to building a great business."

GE Money has grown strongly in Europe over the past decade since
it first established a presence in 1992 with the acquisition of its UK
business. It currently operates across 25 markets in the EMEA region
employing over 24,000 people. In Central & Eastern Europe, GE Money
has been present since the acquisition of Solidarnosc Chase DT Bank in
1995, and currently has existing banking and consumer finance
operations in Poland, Czech Republic, Hungary, Romania, Russia,
Slokavia and Turkey. GE first established a presence in Poland in 1992
and today employs 6,000 people in the market operating across a range
of sectors including consumer finance, media and technology.

About GE Money

GE Money, a unit of General Electric Company, with $190 billion in
assets, is a leading provider of credit services to consumers,
retailers and auto dealers in 55 countries around the world. GE Money,
based in Stamford, Conn., offers a range of financial products
globally, including private label credit cards, personal loans, bank
cards, auto loans and leases, mortgages, corporate travel and
purchasing cards, debt consolidation and home equity loans and credit
insurance. More information can be found online at www.gemoney.com

GE Money EMEA

GE Money first established a presence in EMEA in 1992. Today GE
Money operates in 25 countries in the region and employs over 24,000
employees. GE Money EMEA has assets of $88.7 billion (2006) and net
income of $1.6 billion. The region accounts for approximately 45% of
the total global assets of GE Money.

GE Money Bank, Poland

GE Money Bank, Poland was established in January 2005 as a result
of the merger of GE Capital Bank and GE Bank Mieszkaniowy (Housing
Bank). GE Money Bank offers personal loans, auto loans, used cars
financing program (GEpard), mortgages, credit cards, sales finance
products, commercial loans and investment fund units. Headquartered in
Gdansk, GE Money Bank offers its products and services throughout a
network of branches, agents, brokers, dealers and developers
co-operating with GE Money Bank, as well as in retail networks. GE
Money Bank employs almost 4,000 people in Poland. More information is
available at www.gemoneybank.pl